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Why-business-insurance-can't-wait

Business Insurance can’t wait.

Here we discuss 5 compelling reasons why NOW is the time to get business insurance.

Fires alone cost South Africa millions annually, bringing devastation to underinsured businesses. It is imperative to be covered for every eventuality.

Furthermore, the parameters of what defines a business no longer sit within a traditional four-walled office, and as such taxi insurance has come to the fore with the likes of Taxify and Uber redefining the transport industry.

However, even in these innovative business models, the sound principles remain the same. Customers are the most important part of your business and must be covered with Passenger Liability Insurance, especially when the new office is doing 120 kmph. Our point is that the business world is changing rapidly requiring consistent monitoring of your company’s business insurance needs, including your business legal cover.

  1. The Business insurance world is home to intelligent, empathetic people.

Insurance isn’t the minefield you think it is, so don’t be put off by the naysayers. Successful business insurers don’t become successful by chance. They become this way by being on-the-ball, savvy, smart and loyal. Those top insurers are there to seamlessly protect you and the business you’ve worked so hard for. However, it’s still important to do your homework before choosing your preferred business insurer.

There are a number of things to consider when selecting a preferred insurer. This will ensure your experience is not only smooth but that you also receive well-considered professional insurance advice.

Make sure you check your potential insurer’s reputation. With today’s quick access to online research, there’s no need for this to be a time-consuming exercise. Existing customer comments and reviews provide invaluable and most importantly, honest insights.

Your business insurer must display a ‘customer-first’ ethos. This will make sure your future interactions with them are positive from start to finish. User-experience, amongst other things, include communication free from frustration (we’ve all been passed around a call centre), as well as a user-friendly technology interface.

You need to know where your insurer comes from also where they’re headed. What is their history? What is their vision? Do your research. This will avoid any future frustrations. These are some of the best insurance companies in our opinion.

  1. Your items that are here today, will still be here tomorrow.

Business insurance may save you from the overused phrase: “here today, gone tomorrow”. We don’t like to think like that, but isn’t that the truth? Nothing is guaranteed. And that’s not a scare tactic; it’s a reality.

There are very few businesses that have simply popped up overnight with consummate ease, even Uber has had its share of challenges on the way to the top. For the majority of businesses, it has taken hours, days, months and years to get to where you are. Most start-ups take 4 years to start feeling some traction, and it can take up to 10 years for your business to be as successful as you envisaged.

Most can relate to setting the alarm for 4 am, then sipping espresso all day, before turning the bedside light off at 11 pm. Building a successful business is rewarding, but it’s also tough. So, don’t leave your business vulnerable. Protect it – insure it. You owe it to yourself, and to the business, you have meticulously moulded for success.

  1. Business Insurance should never be considered a grudge purchase.

Let’s be honest, none of us wants to spend money, but something as important as business insurance cannot be compromised on. It is openly referred to as a “grudge purchase”, because why spend money on something that may never happen? Fair enough. However, consider this statistic: an estimated 57 businesses are robbed daily as reported by fin24 last year. It’s just not worth the gamble. The consequences can be severe. Don’t put your business at risk by copping out on your business insurance.

  1. It’s not just about your business, it’s about your employees too.

Employees are the invaluable cornerstone of your business’s success. Insurable contents and assets aren’t just about a MacBook Air and an office with a sea view. As a business grows, so too does your number of employees. They’re the real assets and liability insurance is there to protect both your company and the employees.

There’s the recent graduate from UCT with stars in her eyes that’s just started as a junior in the marketing department. Then there’s Angela that works in your debtor’s department and has done so with dedication and passion for over ten years. Her husband has just been retrenched. Business insurance is for them too. They don’t want to be affected by an unforeseeable incident either. At the end of the day, insurance protects people either directly or indirectly.

Slips, trips, and falls account for a third of workplace injuries, with the other most common workplace injuries being vehicle-related, fire and explosion, overexertion and being struck by moving machinery. All in a day’s work – so, best you get your liability insurance in place. It’s what responsible, reputable business owners do.

  1. Big or small, don’t delay insuring it all.

It’s something you’ll look back on with great fondness one day. The tiny square office with the hand-me-down, mismatched desks and no air-conditioner. We all have to start somewhere and if lady-luck and hard work are our companions, then this little square will expand upwards and sideways, requiring buildings insurance.

Sentiments aside; it is essential to insure your business from day one. Business insurance needs to be as much a part of the furniture as the aforementioned desks. And as businesses grow, it is important to reassess where you are at, and upgrade your insurance accordingly.

You still have assets, and although your staff complement may not yet be large, they still need to be covered for eventualities. Don’t delay the essential ingredient that is business insurance.

We have highlighted just some of the reasons you should not put off insuring your business. Business insurance is the partner that vehemently protects your business. At businessinsurance.co.za, we do all we can to ensure that you have access to the very best from professional indemnity insurance to public liability insurance, to taxi insurance. We want your ride to be Uber cool and to ensure that you have all the best insurers at your fingertips. It’s really no schlep – all the best insurance information is consolidated for you. But, please, if there’s anything we could do better, we at Business Insurance always love to hear from you.

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